Category: Banks. Country: Egypt.
National Bank of Egypt (NBE) is the oldest commercial bank in Egypt. It was established on June 25, 1898 with a capital of - 1 mn. Since its inauguration, NBE was granted the note-issuing privilege, besides assuming the banking activities of the government as well as handling the usual operations of commercial banks. Through its long march, NBE's functions have varied to square with the different economic and political phases in Egypt. During the 1950's, NBE performed the central-bank duties. After its nationalization in the 1960's, it acted as a pure commercial bank besides carrying out the functions of the central bank in the areas where the latter had no branches. Moreover, since the mid 1960's, NBE has been in charge of issuing and managing saving certificates on behalf of the government. During the 1970's, the Bank embarked upon rendering all the banking services relating to foreign trade under the specialization policy. Even in the current open market era and amidst an open competitive environment, NBE managed to maintain its distinguished position, together with its catalytic role in supporting the economic and social development. Thanks to its diversified experience, NBE managed to achieve positive and sound results. According to 2003/2004 figures, NBE's financial position rose 7% to score L.E. 131.7 bn., total deposits grew 14% to reach L.E. 105.3 bn. and total loans 6% to record L.E. 67.8 bn. Moreover, NBE accounted for 21% of the banking system's total assets, 23% of total loans and 23% of total deposits. In addition, NBE financed 25% of Egypt's foreign trade during the year.
Address: 1187, Cornich El-Nil St. Cairo, Phone: 5749101 Fax: 5748910
